Satsuma Technology sells 669 BTC, returns 30718881 GBP to shareholders

Satsuma Technology announced the High Court of Justice approved the cancellation of 11,235,874,700 B shares, enabling a share-capital reduction that returns 30718881 GBP to shareholders. Each B share will receive 0.002734 GBP after the company sold all 669.4867 BTC at a net average price of 47667 GBP per BTC, generating 31912395 GBP. The return is conditional on High Court approval, which was granted on September 8. Eligible investors received one B share for each ordinary share held, facilitating the cash return. Shareholders approved the capital return and delisting on July 20, initiating the process. The company retained 2000000 GBP as working capital and accounted for 2600000 GBP in estimated transaction costs. The expected distribution of cash to eligible shareholders is set for on or before September 28, with the final day of dealings on September 11 and cancellation of the London listing expected on September 14.